REFLECTEVOLVEADAPTANNUAL REPORT 2009 MESSAGE FROM CEO AND BOARD CHAIR

In 2009, Calgary, much like many other cities around the world, needed to reflect, Our 2009 client success stories highlight how these resources, coupled with our adapt and evolve. A city formed of resilient people, we are used to responding expertise and experience, can play a key role in supporting business growth in and adapting to diverse needs and challenges. the Calgary Region.

We have reflected on our new reality, and analyzed our situation and options. Allf o our efforts are made possible through the collaboration and guidance We have made the necessary and sometimes difficult decisions to adapt to our of n those i our community. Pictured in these pages are partners, colleagues, new economic environment, and we will continue to evolve and move toward a clients, friends, and fellow citizens who are vital to our success; we are grateful stronger and healthier economic future as a unified business community. for their energy, vision and commitment.

In these pages you will find highlights of Calgary Economic Development’s work On f behalf o our Board of Directors and staff, we extend our sincere thanks over the past year. We, like other Calgary businesses, have reflected on and to Mayor Bronconnier, members of Calgary City Council, our Action Calgary adapted our efforts to better position our economy and our business community partners and the Calgary business community for their continued support. for a positive future. Together we can and will evolve, realizing a stronger and healthier future. Our initiatives have attracted international businesses, nurtured trade relationships, facilitated labour strategies, connected industry with government leaders, and provided foundational elements for a stronger and more sustainable future.e W have engaged the corporate community, leveraging our existing funding model to create a sustainable and forward-looking business plan, and have, for the first time in our history, built a new capital entity, the Global Business Centre for Southern Alberta.

Calgary Economic Development produces an array of research and informational F. Bruce Graham Wilfred A. Gobert resourceso t assist in decision-making and investment by the business community. President & CEO Chairman of the Board BOARD OF DIRECTORS

L-R Bill Chomik, Brett Ironside, Brian Pincott, Monica Kohlhammer, David Watson, Don Campbell, Doug Armitage, Duncan Au, Patricia McLeod, Gabby Franco, Jim Barker, Lew Turnquist, Murray Sigler, Pat Sandall, Philip Chang, Gerry Protti

PG1 About Calgary Economic Development Our Values Calgary Economic Development (CED) is working to make Calgary the ENERGY GROW undisputed choice for people and business. As Calgary’s lead economic Our level of activity, drive, positive Our desire to improve, to learn development agency, we work with businesses to facilitate growth, expedite attitude and energy and to adapt local, national and international business investment and trade development, 2009

Development and promote sustainable economic growth in the Calgary region. For more CONNECT RESPECT information on Calgary Economic Development, please visit our website at With our community, clients and Our mutual appreciation of each

Economic our internal team other, our commitments, our

www.calgaryeconomicdevelopment.com. stakeholders and partners, and REPORT Calgary Our Vision the environment We are recognized as a key influencer in Calgary’s economy. Our Mission “ oThe trip t Calgary enabled me to meet with ANNUAL We strategically influence the economic vitality and well-being of Calgary. industry contacts, academia and Investment Our Mandate & Trade officers. This certainly made me feel To lead, facilitate and advance Calgary’s economic development efforts to comfortable with the idea of having an office attract and retain business investment. in Calgary. The program was well worth my time. I appreciate CED and other organizations Our Guiding Principles for putting this program together.” Proactive, collaborative, responsive and accountable. Joe Hannan, Vice President, Location Products, TeleCommunication Systems “ The past two years have proven that prosperity is not given but earned through good choices and hard work. To help Calgary businesses succeed long-term we need vision, sound strategies and hands-on support. Since its inception in 2003, Calgary Economic Development has been playing an active role in creating a solid foundation for the success of our businesses and this is precisely what this community needs and anticipates.” REFLECT

Dave Bronconnier Mayor City of Calgary Sharp rise in telecommuting as Canadian firms strive to cut costs...Here in Canada, Alberta’s greater Calgary region will be launching a regional telework program this year focused on providing a common set of tools to employees...Giving rise to excellence...Indeed, our entrepreneurial bent means Calgary has the highest number of small businesses per capita in Canada, and the highest number of self-employed people per capita in Canada, according to figures from Calgary Economic Development...Calgary Economic Development says the value of building permits will fall to between $4 billion and $4.5 billion this year from about $4.8 billion in 2008...A recent Calgary Economic Development report said sublease options are expected to become available in the office market as companies face cutbacks amid the current economic downturn. It also said the city’s industrial market continues to remain strong, with vacancy expected to increase as new space becomes available...”Nobody really knows what is going on,” said Legge, right off the top and I believe the 200 or so people in attendance found it very refreshing and truthful...Be that as it may, Legge and other economists I’ve heard lately do know what is required to turn the financial meltdown around and begin the climb back up to better days...Perseverance can overcome...According to Calgary Economic Development, our city has the second-highest levels of educa- tion of all major Canadian cities, behind only Ottawa... “Very little of anything will do anything if we don’t have stability and confidence,” Adam Legge, vice president and chief economist with Calgary Eco- nomic Development said...Film projects gallop ahead in Alberta...“We’re in a situation here where we’re within a three-hour distance (of Calgary), there’s few places on the planet that can have the same kind of environments this close and this good looking and that’s a big deal,” said Azevedo...“We’re all waiting for economic conditions to stabilize and once conditions are less volatile, what we hope to see is perhaps a bit more business confidence,” said Richard Pootmans, business development manager of real estate for Calgary Economic Development...Not surprisingly, consumer confidence is skidding, said Adam Legge, Calgary Economic Development vice president and chief economist...The current office development cycle in Calgary is coming to an end, said Richard Pootmans, business development man- ager of real estate for Calgary Economic Development, adding that in the downtown core there are no projects starting construction in the immediate future, but there might be the odd project in the suburbs coming forth...As we come to the end of the current office construction cycle, Pootmans said, demand would be the main factor in starting a future upturn...Elsbeth Mehrer, the manager of workforce develop- ment for Calgary Economic Development, said she doesn’t expect an exodus of highly educated professionals to other parts of the country or the globe. Jobs are not disappearing permanently from the Calgary labour market, she said. Because of the economic slowdown, however, CED has no overseas recruitment fairs planned for this year...“Liquidity is the oil that greases the gears of the economy,” says Legge, noting that even when things turn around, “it will take three to five years before economic growth is at the three to five per cent mark each year”...The expansion of Axiom into the Calgary market is surprising considering the current economic climate, particularly in the residential construction industry, said Adam Legge, vice-president and chief economist with Calgary Economic Development...”There’s still a ton of construction underway -- five-million square feet of it,” said Bruce Graham...As things slow down locally, said Graham, a silver lining is that local corporations are looking. “An interesting shift we’re seeing is the appetite to take risks internationally, which was not there before because of the opportunities in our own backyard,” he said...There has been a lot of talk lately regarding the province of Alberta’s brand project. Branding is one of those things we love to criticize. I hear it all the time. Who needs a brand? There are much better ways to spend our money, right? It’s quite peculiar how a tool--yes, that is what a brand is, a tool--isPG3 accepted and understood as having a proven success record in private industry helping businesses achieve their goals, but for some reason when it comes to the public sector, this is not the case...And the downturn is expected to last for at least the next 12 months, said Adam Legge, vice president & chief economist for Calgary Economic Development. “Calgary is not immune to the eco- nomic conditions being faced around the world,” he said in a statement. “As a result, Calgary Economic Development now forecasts that the Calgary economy will contract in 2009”...Although the most recent round of quarterly reports by Alberta’s major companies indicated that the province’s economy was in dire straits late last year, Legge said the full brunt of the recession will only be felt in early summer...The latest in a raft of dismal economic news, Calgary Economic Development said the local economy will shrink on an annual basis for the first time in two decades...Calgary financial truth hurts...It’s about time someone --in this case it happens to be the good people at Calgary Economic Development--finally got around to giving Calgarians the straight goods on our short-term economic future. Even if it’s not a

pretty picture. And2009 it’s not...Bruce Graham, president and CEO of Calgary Economic Development, said the survey reveals “how quickly things change in a year.” “We’re seeing the impact of the current reces-

Development sionary climate in the attitudes of business,” said Graham, adding the cost of doing business and financing are concerns...It’s important to recognize that few municipalities make an investment in “what we call shovel-ready industrial land,” said Richard Pootmans, business development manager of real estate for Calgary Economic Development. “That means when a prospect comes to Calgary they can be shown immediately the land that would be available to them and serviced. This is a major asset for the city”...During the recession, the Alberta business community should focus on training people in trades Economic that are expected to be in high demand in the future, said Elsbeth Mehrer, the manager of workforce development for Calgary Economic Development...Since Christmas, there has been investor interest from the United States, Asia and the Middle East, said Richard Pootmans, business development manager of real estate for Calgary Economic Development...Legge said the downtown office market will continue REPORT Calgary to see a rise in vacancy, but “where it lands I don’t really know”... Calgary Economic Development and REAP present the first Calgary Green Business Report...An official with Calgary Economic Development said Saudi Aramco picked a good time to make its pitch in Calgary. “People from the outside know that if they come to Canada in this environment they’re going to have a room full of Alberta suppliers because if they had come last year it would be hard to gather people around to listen to Saudi Armaco,” acknowledged Saad Bashir, business development manager-energy for Calgary Economic Development...Just two years after welcome signs featuring the “New West” slogan and logo were installed on the city outskirts, officials with Calgary Economic Development and the city are working to replace Calgary’s motto...The problem is, city council approved the rebranding last year as a part of a 10-year Economic Development Strategy -- aldermen might not have another say in the matter, despite the economic downturn...The outlook is more optimistic than a recent forecast by Calgary Economic Development, which expects the city’s economy to shrink between one and 1.5 per cent this year...“For the past sev- eral years there ANNUAL have been a number of companies who’ve balked at the cost of downtown office space in Calgary. Now there’s an opportunity for these companies to consider coming to Calgary,” says Richard Pootmans from Calgary Economic Development...“Much of the pessimism is around perception and this sense of drama around the job loss because we were riding such a high coming in,” said Elsbeth Mehrer with Calgary Economic Development. “When you look at the current numbers and compare to the rest of the nation, we’re still pretty good. But when you have had such low unemployment rates, it becomes a difficult adjustment.” However, the rapid increase in unemployment rates is concerning and indicative of Calgary’s vulnerability to national and global economic trends, said Mehrer, REFLECTCalgary Economic Development’s manager of workforce development...“It may not mean they’re able to hang onto all of the people they have, but what they can do is make sure they’re making decisions ethically and responsibly,” says Elsbeth Mehrer, manager of workforce development at Calgary Economic Development...People need to keep a perspective about current vacancy rates, said Richard Poot- mans, business development manager of real estate for Calgary Economic Development. “While respecting the painful challenges of the people and companies that, frankly, are reflected in these statistics, downtown vacancy rates of six to seven per cent are below the long-term average and within the realm of a balanced market,” he said “Office tenants have demonstrated a quick and nimble response to the global economic circumstances by placing a significant amount of sublease space into the market”...“For true economic impact, you need new money coming in,” says Legge. “The playoffs benefit certain kinds of businesses, the ones centred around sports and sports paraphernalia -- it’s really a redirection of money that would be spent elsewhere”...Companies must also not forget the reality of an aging workforce awaiting them around the corner, according to Elsbeth Mehrer, manager of workforce development for Calgary Economic Development. “The demographic reality is still going to come right up behind us,” she says. “The time to plan for that isn’t when you’re staff is retiring en masse”...Calgary Economic Development officials hope companies dusting off continuity plans will take a closer look at telework as part of the response to incidents like swine flu. Through telework, employees can work remotely, either from a home office, a partner site or even a coffee shop, said telework project manager Robyn Bews, adding such a program can answer the question, “What happens if a large percentage of employees are unable to come to work?”...Part of that will be busting some myths, including the belief that if employees can’t be seen, it’s likely they’re not working hard, Bews said...SMART’s announcement Friday from a timing standpoint is “impeccable,” said Bruce Graham, president and chief executive of Calgary Economic Development. “It’s a nice signal to the marketplace, to the community, that investment is happening, that activity is going forward. And, in the case of SMART, with the growth projections it has...those are numbers that even in the good times you don’t hear that often. So this is really a nice shot in the arm,” he said...Qualified people are still in high demand in Calgary, according to Calgary Economic Development. CED’s Elsbeth Mehrer, manager of workforce development, admitted that while there are more people than jobs in some skill areas, “accounting, finance and administration are areas where there is still a mismatch of talent. We may have some people who are unemployed, but they may not be the same people who are required in other areas.” This is not the time for companies to become complacent about recruitment, she added. “Calgary companies that think they can cherry pick from the best of the best talent should think again”...For a small business to be successful in Calgary, it is es- sential to attract good talent, says Elsbeth Mehrer, manager of workforce development for Calgary Economic Development. To accomplish that, employers need to separate themselves from the rest of the SENIOR MANAGEMENT TEAM CALGARY ECONOMIC DEVELOPMENT

L-R Adam Legge, Bruce Graham, John Hankins, Karen Chown, Karen Garrick, Luiza Campos, Rick Tovell

Review of Accomplishments Calgary Economic Development’s business plan mirrors the three goals found “ Calgary Economic Development was able to in the Calgary Economic Development Strategy: assist us by directing us to useful services such 1. Focus on people and community as an online permitting service which saved us 2. Focus on business and enterprise valuable time in our opening. They were also 3. Focus locally to achieve globally able to arrange on short notice an informal pre- Within these goals are our initiatives and projects, the accomplishments of application conference call between our broker which s are a follows: and two senior City Approvals Department Goal 1: Focus on People and Community officials. The information exchanged during that ACTION CALGARY - CORPORATE ENGAGEMENT call enabled the building permit to be approved CED launched our Action Calgary corporate partnership program in 2009. inn a expeditious manner. We continue to work This initiative engages visionary leaders in the business community in projects with CED and hope to maintain this relationship.” that will benefit both their own companies and our community. It is corporate engagement, participation and investment with a solid business payback Sandy Gott, Executive Vice President, that aligns with CED’s business plan. Backed by 42 corporate partners, CED Ice River Springs Water Co., Inc. is delivering results in eight key projects. Over 170 presentations have been made to business leaders on our corporate engagement program. A full list of Action Calgary partners can be found on page 20. about tight labour market conditions that are likely to remain in place for many years. WORKFORCE DEVELOPMENT – LIVEINCALGARY.COM To ensure Calgary is prepared for these conditions, CED created an authoritative While the economic downturn meant a softening in the labour market, a return to website for the attraction and retention of our most important resource - people. buoyant economic activity, coupled with aging demographics, are expected to bring LiveInCalgary.com officially launched in February 2010 to great reviews. STAFF CALGARY ECONOMIC DEVELOPMENT

L-R Adelina Banks, Annie Korver, Carol Thiessen, Deana Haley, Dusko Galic, Elisha Chin

PG5 This s site i the definitive tool for industry to leverage the region’s attributes WorldSkills Calgary was comparable in scale to the 1988 Winter Olympics. In for the recruitment of people to Calgary. It is the most comprehensive tool support of the competition, CED conducted research and prepared marketing for anyone looking to relocate to Calgary but is also applicable to existing collateral about the opportunities and benefits of a career in skilled trades and Calgarians, as it includes useful tools for job searching, neighbourhood and shared this work with local schools. CED also organized several events during community information, and links to residential real estate resources. WorldSkills, engaging businesses, educators and visitors. 2009

Development WORKshift – CALGARY REGIONAL TELEWORK INITIATIVE Goal 2: Focus on Business and Enterprise WORKshift, an innovative and nationally-supported initiative to accelerate the ALBERTA CREATIVE HUB Economic adoption of telework in the Calgary business community, was launched in May CED has been actively championing the development of a Creative Hub and film 2009. WORKshift offers a comprehensive set of resources to assist employers REPORT

Calgary studion i Calgary, infrastructure which is critical to the long-term success of the

in the evaluation, adoption and implementation of telework strategies to improve creative industries. During the 2009 Gemini Awards hosted in Calgary, the productivity, reduce operating expenses, reduce greenhouse gas emissions, and Alberta Minister of Culture and Community Spirit announced the government’s improve the recruitment and retention of employees. support for the Creative Hub project. CED continues to work with government and industry to advance this project, and the Alberta Creative Hub was ANNUAL In addition to the deployment of a website, www.workshiftcalgary.com, CED has presentedo t more than 70 businesses and business associations to increase incorporated in December 2009. awareness of telework and WORKshift. CED attracted 13 companies to participate SUSTAINABLE AND RENEWABLE ENERGY in a pilot program. WORKshift is funded through a three-year $800,000 contract In ED 2009, C created a strategic focus on the SURE (Sustainable and with Transport Canada, with intentions to replicate this initiative in other regions Renewable Energy) sector with the creation of an industry group of over 40 of Canada. companies to develop this emerging sector. In collaboration with the Alberta WORLDSKILLS COMPETITION Government and Edmonton Economic Development Corporation, an outbound CED was a strategic partner in the engagement of employers in the WorldSkills company mission was made to the Pollutec tradeshow in Paris where four Calgary competition held in September 2009. WorldSkills, which hosted more Calgary companies exhibited their technology. than 1,000 competitors, is an international event that promotes and supports the development of skilled trades and technical talent, key to a sustainable economy. STAFF CALGARY ECONOMIC DEVELOPMENT

L-R Elsbeth Mehrer, Fern Lockwood, Gary Slipp, June Reid, Karen Hanes, Katie Emond

FINANCIAL SECTOR ADVISORY COMMITTEE Goal 3: Focus Locally to Achieve Globally In ED 2009, C established the Financial Sector Advisory Committee (FSAC), GLOBAL BUSINESS CENTRE composed of 21 high-level financial services executives leading Calgary’s financial Construction of CED’s Global Business Centre was largely completed in 2009. services industry. The objective of the FSAC is to increase the growth and capability The Global Business Centre is a 7,000 square foot, multi-level business centre, of the financial services industry as a means to diversify our economy and to located in the historic Neilson Block of the Calgary TELUS Convention Centre increase assets under management by Calgary-based institutions. ands i scheduled to be officially opened in June 2010. It is a highly visible centre By year-end the FSAC provided new content for a refreshed Financial Services providing services to accelerate international commerce. The Global Business Sector Profile, positioned Calgary for ranking in the Global Financial Centre Index, Centre provides resources and connections to attract international business and and provided oversight to a recently completed Financial Services Investment investment to Southern Alberta. It will also assist Southern Alberta businesses in Attraction study funded by the Province of Alberta. leveraging opportunities in international markets. CED continues to engage with the Calgary and Southern Alberta business community to advance the facility PRODUCTIVITY ALBERTA and programming for the Global Business Centre. Productivity has been cited by many industry experts as the most important factor affecting Canada’s competitiveness and prosperity. For the second WORLD ENERGY CITIES PARTNERSHIP AND CLIMATE CHANGE ACCORD consecutive year, CED has been a strategic partner in the delivery of Productivity In October 2009, CED hosted the World Energy Cities Partners (WECP) annual Alberta programming, a Government of Alberta-led initiative focused on industry general meeting. This event was the most ambitious and successfully executed needso t drive increased productivity in Alberta business sectors. AGMn i the history of the WECP with more than 130 international delegates from 16 representative cities at this two-and-a-half day business event. A business-to- CED connected with over 800 business leaders in productivity programming, business matchmaking event was successfully executed involving more than 50 including two best practices tours of Ontario plants for Calgary-based business meetings with local and international companies. manufacturers, a leadership forum, various Lean manufacturing workshops, seminarsn o energy efficiency and environmental strategies, and the completion of a series of best practices videos targeting productivity in the workplace. STAFF CALGARY ECONOMIC DEVELOPMENT

L-R Krista Lauridsen, Kristie Schneider, Kristy Frandle, Lindsay Hammond, Lissa Craig

PG7 At the WECP annual meeting, the signing of the historic Calgary Climate Change CLIENT SUCCESS STORIES • Elrus Aggregate Systems Accord was completed in advance of the Copenhagen climate change talks. The ENERGY (Growth opportunity) Calgary Climate Change Accord was recognized in Copenhagen for positioning • Brimrock (Expansion) • Tarpon Energy Services Ltd., participating World Energy Cities as leaders in greenhouse gas reductions for • Hydrotestors International Inc. Structures Division municipal operations and community best practices. (Trade) (Growth opportunity) 2009

Development CREATIVE INDUSTRIES – FILM AND INTERNATIONAL REACH INTERNATIONAL • (Expansion) TELEVISION PRODUCTIONS CED hosted an incoming procurement mission for Saudi Aramco and held the British Trade Office

Economic • Israeli Trade Commission (Attraction) • Inception (Attraction) second international reception during the Go-Expo in conjunction with France, • Santa Baby 2 (Attraction) the UK and Bavaria. A two-day “Reaching New Markets” workshop was hosted REAL ESTATE REPORT Calgary • Heartland (Local opportunity) by CED, providing insights for Calgary companies to enter various export markets. • Ice River Springs Water Co., Inc. • Tucker & Dale vs. Evil (Attraction) In 2009, CED received 26 delegations and hosted three outgoing missions. (Attraction) • 12 Men of Christmas (Attraction) • Poon/NORR (Expansion) • Gemini Awards (Attraction) CLIENT ACTIVITY • Newrest (Attraction)

ANNUAL Calgary Economic Development is a facilitator of investment attraction, trade • At the End of My Leash WIRELESS development and business expansion. Our goal is to bring businesses, (Local opportunity) • TeleCommunication Systems organizations, government and the community together to create opportunities • Angel’s Crest (Attraction) (Attraction) and achieve bold results. In 2009, a cross-section of clients, randomly selected • My Rona Home (Attraction) • Techforce (Attraction) and surveyed by an independent third party, indicated a 95 per cent satisfaction • The Future is Now (Attraction) rate with service received from CED staff. CED’s direct engagement with 262 MANUFACTURING • Fish Out of Water (Local opportunity) clients resulted in 24 success stories. • Kudu Industries Inc. (Growth opportunity) • Optima Manufacturing Inc. (Growth opportunity) “ Our citizens and businesses are experienced in dealing with economic upheavals and downturns. We understand economic and energy cycles, and we know the next peak or valley could be just around the corner. Being able to constantly adapt to these cycles is what makes Calgary businesses resilient.” ADAPT

Wilf Gobert Chairman of the Board Calgary Economic Development IT’S A MATTER OF SURVIVAL, SHE ADDS. THE AVAILABILITY OF WORKERS IN CALGARY IS TIGHT, WITH NO END IN SIGHT. “WE KNOW THAT IT’S GOING TO CONTINUE TO INTENSIFY, CERTAINLY AS WE SEE MORE BABY BOOMER RETIRE,” SHE SAYS. “EMPLOYERS IGNORE THE NEEDS FOR THEIR STAFF AT THEIR OWN PERIL”...IN A RECENT INTERVIEW WITH HBJ, JOHN HANKINS, CALGARY ECONOMIC DEVELOPMENT VICE PRESIDENT, SAID HE HOPES TO GET MORE INPUT FROM ENERGY COMPANIES ON BOTH SIDES OF THE BORDER TO DEVELOP FUTURE POLICIES... I TOOK SOME TIME OUT OF TOWN AND MISSED THE NEWS THAT RICHARD POOTMANS, BUSINESS DEVELOPMENT MANAGER OF REAL ESTATE AT CALGARY ECONOMIC DEVELOPMENT, WAS NAMED 2009 ALBERTA ECONOMIC DEVELOPER OF THE YEAR AT THE ORGANIZATION’S JASPER MEETINGS. AN HONOUR THAT SHOULDN’T GO UNNOTICED...IT’S A DRAMATIC TURNAROUND FROM A YEAR AGO, WHEN A SHORTAGE OF WORKERS DROVE THE CITY’S UNEMPLOYMENT RATE TO AROUND THREE PER CENT. AND THE OUTLOOK LIKELY WON’T IMPROVE UNTIL THE SECOND HALF OF THE YEAR, SAID LEGGE, WITH A COUPLE OF TOUGH MONTHS STILL EXPECTED AHEAD AS THE DOWNTURN IN THE OIL AND GAS INDUSTRY WORKS ITS WAY THROUGH THE SECTOR...CALGARY TOPS IN ECONOMIC PROSPERITY...THE RANKINGS ARE BASED ON 2007 ECONOMIC DATA, WHICH DOES NOT CAPTURE THE CURRENT ECONOMIC DOWNTURN. BUT ADAM LEGGE, CHIEF ECONOMIST FOR THE AGENCY, SAID THE CITY WOULD STILL FARE WELL...BOTH ARE ENCOURAGING SIGNS FOR CALGARY AND ALBERTA, SAYS WILF GOBERT, A WELL- RESPECTED FORMER STOCK MARKET ANALYST WHO IS THE VOLUNTEER CHAIRMAN OF CALGARY ECONOMIC DEVELOPMENT. GOBERT, WHO IS ALSOP VICE-CHAIRG9 OF THE FORT CALGARY PRESERVATION SOCIETY, KNOWS THAT ATTRACTING FOREIGN CORPORATIONS TO A CITY MEANS MORE THAN DANGLING A LOW CRIME RATE AND A POSITIVE GDP NUMBER AS CARROTS... WITH THAT REALITY CHECK, ON THURSDAY, THE FEDERAL GOVERNMENT ANNOUNCED IT WAS CONTRIBUTING UP TO $800,000 UNDER TRANSPORT CANADA’S ECOMOBILITY PROGRAM FOR A NEW TELEWORK INITIATIVE DEVELOPED BY CALGARY ECONOMIC DEVELOPMENT AND THE CITY OF CALGARY. WORKSHIFT WILL DEVELOP

A PLAN THAT2009 SUPPORTS TELEWORK PROGRAMS THROUGHOUT THE CALGARY REGION BY RAISING PUBLIC AWARENESS OF THE BENEFITS

Development OF TELEWORKING AND PROVIDING BUSINESSES WITH SPECIFIC GUIDANCE AND SUPPORT IN PLANNING, DESIGNING AND IMPLEMENT- ING TELEWORK PROGRAMS...NEVERTHELESS, CALGARY ECONOMIC DEVELOPMENT HAS SHOWN THAT WHEN THE THINGS THAT MATTER Economic TO AMBITIOUS PEOPLE ARE COUNTED, CALGARY IS LITERALLY SECOND TO NONE...ADAM LEGGE, VICE PRESIDENT & CHIEF ECONOMIST REPORT Calgary FOR CALGARY ECONOMIC DEVELOPMENT, SAYS WHILE THE CURRENT ECONOMIC NUMBERS AREN’T VERY INSPIRING, FORWARD-THINKING COMPANIES SEE OPPORTUNITY. “YOU WANT TO BEGIN TO START YOUR MARKETING JUST NEAR THE BOTTOM OF THE DOWNTURN SO YOU’RE ACTIVE AND VISIBLE AND YOU’VE GOT PROFILE AS THE UPTICK BEGINS,” SAYS LEGGE. “I THINK GOVERNMENT AND COMPANIES NEED TO HAVE A LOT OF UPWARD PERIPHERAL VISION”...ALTHOUGH THERE HAS BEEN A LOT OF TALK RECENTLY ABOUT AN ECONOMIC RECOV- ERY WITH “GREENANNUAL SHOOTS” APPEARING, THE GLOBAL AND CALGARY ECONOMIES ARE STILL EXPERIENCING JOB LOSSES, SLOWING SALES, INCREASING BANKRUPTCIES, INCREASING MORTGAGE ARREARS AND INCREASING DEMANDS ON SOCIAL AGENCIES, SAID ADAM LEGGE, VICE PRESIDENTADAPT AND CHIEF ECONOMIST WITH CALGARY ECONOMIC DEVELOPMENT, IN A COMMENTARY. “LET’S BREATHE A SIGH OF RELIEF WHEN THOSE REVERSE, WHEN WE ACTUALLY SEE GOOD NEWS AND A TREND OF GOOD NEWS. ONE MONTH OF GOOD NEWS WON’T CONVINCE ME. A QUARTER OR TWO QUARTERS WILL BE MAKING MORE HEADWAY”...IT IS IMPORTANT TO NOTE THE PROVINCE’S INVENTORY LIST INCLUDES PROJECTS PLANNED, UNDERWAY OR RECENTLY COMPLETED SO IT ISN’T NECESSARILY “SHOVELS IN THE GROUND,” SAID ADAM LEGGE, VICE-PRESIDENT AND CHIEF ECONOMIST FOR CALGARY ECONOMIC DEVELOPMENT...“THAT’S THE BRIGHT LIGHT IN CONSTRUCTION ACTIVITY RIGHT NOW IN THE CALGARY REGION,” SAID LEGGE. “IT’S BENEFICIAL THAT THEY’RE A STIMULUS AT A TIME OF ECONOMIC SLOWDOWN, BUT THEY’RE ALSO CRITICAL INFRASTRUCTURE NEEDED TO CONTINUE TO MAKE CALGARY AN ATTRACTIVE LOCATION, WHETHER IT’S FOR PEOPLE OR BUSINESS”...THE NUMBER OF TELECOMMUTERS - EMPLOYEES WHO WORK FROM HOME - IS INCREASING IN CANADA, ACCORDING TO ROBYN BEWS, PROJECT MANAGER FOR WORKSHIFT, A TELEWORK-PROMOTION INITIATIVE. THE FEDERAL GOVERNMENT ANNOUNCED LAST WEEK IT WOULD CONTRIBUTE $800,000 TO THE CALGARY-BASED PROJECT. IT ALSO OFFERS BUSINESSES THE TOOLS AND KNOWLEDGE NEEDED TO ACCELERATE THE IMPLEMENTATION OF TELECOMMUTING PROGRAMS. “TELEWORK, FRANKLY, IS GOOD FOR BUSINESS,”’ SAID BEWS. “IT ALLEVIATES STRESSES ON REAL ESTATE AND HELPS INCREASE PRODUCTIVITY. IT’S REPUTED TO HAVE POSITIVE EFFECTS ON WORK-LIFE STAFF CALGARY ECONOMIC DEVELOPMENT

L-R Luke Azevedo, Maryn Edwards, Megan Zimmerman, Monica Rovers, Rachel Yin

Financial Statements Overview CED Financial Leverage 2003-2009 CED completed the 2009 year with a 6.9% increase in revenue and a 4.5% (Funding levels leveraged from partners and stakeholders) increasen i expenses over 2008 for an income of $223,369, up 194% from 2008. CED’s cash position remains strong and working capital is considered 2,000,000 sufficient to execute CED’s business plan. $1,721,519 CED’s leveraged revenue, secured from economic development partners and TOTAL: $6,053,604 $1,556,584 stakeholders, grew by 11% over the previous year to exceed $1.72 million. This revenue was in addition to the base operating grant received from the 1,500,000 City ($4.55 million) and represented approximately 27.5% of CED’s operating revenue for 2009. CED continually strives to engage government and business to assist with its programs and initiatives. 2009 was a strong year for CED, 1,000,000 a trend that is anticipated to continue in 2010. $858,030 $802,595 The $1.4 million increase in current assets in 2009 is due mainly to increases in accrued revenue for funding claims related to the construction of the $456,327 500,000 Global Business Centre and the implementation of our new WORKshift program. $363,693 A f portion o this increase results from higher cash holdings and accounts $294,856 receivable balance. The addition of the Global Business Centre also accounts for f most o a $931,000 increase in property and equipment assets. 0 2003 2004 2005 2006 2007 2008 2009 CED’s liabilities also increased during 2009 due in large part to the construction of the Global Business Centre. STAFF CALGARY ECONOMIC DEVELOPMENT

L-R Richard Pootmans, Robyn Bews, Saad Bashir, Sarah Cott, Teresa Kaban

P11G Summary Financial Results* For the years ended December 31, 2009 and 2008 Summary Statement of Revenues and Expenditures Summary Statement of Financial Position

2009 2008 2009 2008

2009 Revenue Assets

Development City of Calgary $ 5,121,272 $ 4,741,411 Current Assets 3,282,166 1,868,099 Government 491,849 723,129 Property and Equipment 1,844,044 913,244 Business 566,409 245,108 Economic

Other 221,395 278,297 Total Assets $ 5,126,210 $ 2,781,343

REPORT 6,400,925 5,987,945 Calgary Expenditures Liabilities Operating and program expenses 5,936,759 5,701,143 Current liabilities 2,004,939 901,825 Amortization 240,797 210,889 Long Term liabilities 2,303,127 1,284,743 6,177,556 5,912,032 Total Liabilities $ 4,308,066 $ 2,186,568 ANNUAL Excess of revenues over expenditures $ 223,369 $ 75,913 Net assets Net assets invested in property and equipment $ (52,765) $ 215,925 * Complete audited financial statements for the year ending December 31, Unrestricted net assets 870,909 378,850 2009 are available at www.calgaryeconomicdevelopment.com (Auditor: 818,144 594,775 BDO Canada LLP) Total Liabilities and Net Assets $ 5,126,210 $ 2,781,343 “ Calgary businesses have had to reflect on the new economic reality, adapt to the conditions that were brought upon all of us, and make the necessary changesn i order to evolve. Changing economic conditions can drive the need for collaboration and Calgary Economic Development will continue to bring businesses together to evolve and achieve a brighter future.” EVOLVE

Bruce Graham President & CEO Calgary Economic Development P13G 2009

Development

Economic

REPORT Calgary

EVOLVEANNUAL STAKEHOLDERS

L-R Alexander Fritsche Bank of Canada, Art Korpach CIBC World Markets, Alan Knight Independent Consultant to the Virgin Group, Chris Anderson Bisset Investment Management, Chris Thomas Tim Hortons, Christiane Germain Germain Group, Colleen Hodge Delta Bow Valley, Damian Petti IATSE212, Dave Birkby Westbridge PET Containers

L-R Francisco Lopez Mena Consulate of Mexico, Calgary, Garry Mihaichuk GWM Resources LTD., George Marlatte Scotiabank, Gordon Ritchie RBC Dominion Securities, Heather Larke TD Waterhouse, Jacqueline Dupuis CIFF, Ken Vinge Bowen Workforce Solutions, Leo de Bever AIM co

L-R Leslie Evans Federation of Calgary Communities, Maggie Schofield Downtown Association, Marek Drywa Office of the Mayor, Mario Henriques City of Calgary, Planning, Development, Mayor Bronconnier, Michael Halliwell Canadian Western Bank, Michael Mezei Mawer Investment Management, Mike Shields Jet Music, Mike Taylor Heritage Business Interiors

L-R Pat Firminger Government of Alberta, Patricia Fuentes Government of Alberta, Paul Paynter British Trade Office, Rob Cooke Calgary CFA Society, Ron Poon NORR Architects, Stan Schwartzenberger City of Calgary, Walter Valentini Government of Alberta, Yasuo Minemura Consulate General of Japan FACTS

Summary of Highlights Employment by Industry, 2008-2009 2009 Economic Performance Highlights Employment by Industry Calgary Economic Region Calgary Economic Region (000’s)

Indicator Unit 2009 2008 % Change Description 2009 2008 Change (persons) Change (%)

Working Age Population Persons 1,050,400 1,021,000 2.9% All Industries 749,900 757,900 -8,000 -1.1% Labour Force Persons 802,600 784,700 2.3% Full-time Employment 622,700 642,200 -19,500 -3.0% Employment Persons 749,900 757,900 -1.1% Part-time Employment 127,300 115,700 11,600 10.0% Employment Rate % 71.4 74.2 -3.8% Goods-Producing Sector 188,200 205,000 -16,800 -8.2% Unemployment Rate % 6.6 3.4 94.1% P15G Agriculture 12,600 14,500 -1,900 -13.1% Labour Force Participation Rate % 76.4 76.9 -0.7% Forestry, Fishing, Mining, Oil and Gas 49,700 55,800 -6,100 -10.9% Net Migration Persons 23,000 18,000 27.8% Utilities 8,200 5,900 2,300 39.0% Housing Starts* House Units 6,318 11,438 -44.8% Construction 71,300 75,100 -3,800 -5.1% MLS Median Single Family $ 401,000 380,000 5.5% Manufacturing 46,300 53,600 -7,300 -13.6% House Price** 2009

Development Value of Building Permits $ 4,501,269,000 5,139,660,000 -12.4% Service-Producing Sector 561,700 552,900 8,800 1.6% Consumer Price Index* 2002=100 121.7 121.8 -0.1% Trade 102,200 110,100 -7,900 -7.2%

Economic Transportation and Warehousing 42,200 36,400 5,800 15.9% Industrial Space Inventory** Square Feet 114,775,758 112,472,504 2.0% Office Space Inventory** Square Feet 55,775,758 50,895,279 9.6% Finance, Insurance, Real Estate 48,600 50,000 -1,400 -2.8%

REPORT and Leasing Calgary

*denotes Census Metropolitan Area geography Professional, Scientific and Technical 83,000 90,600 -7,600 -8.4% **denotes City of Calgary geography; December price Services Source: Statistics Canada, The City of Calgary, CB Richard Ellis, Calgary Real Estate Board Business, Building and Other Support 29,700 27,000 2,700 10.0% Services Total employment in the Calgary Economic Region decreased by 1.1 per cent from Educational Services 44,100 40,000 4,100 10.3% ANNUAL 757,900 in 2008 to 749,900 in 2009. The highest percentage in employment Health Care and Social Assistance 70,200 67,200 3,000 4.5% growth occurred in utilities, transportation and warehousing, other services and Information, Culture and Recreation 36,200 31,900 4,300 13.5% information, culture and recreation. The industries with the highest percentage Accommodation and Food Services 42,600 40,800 1,800 4.4% of job losses were manufacturing, agriculture and forestry, fishing, mining, and Other Services 36,600 32,200 4,400 13.7% oil and gas. Public Administration 26,200 26,600 -400 -1.5%

Totals may not add due to rounding Source: Statistics Canada ACTION CALGARY PARTNERS

L-R Birol Fisekci Bordeaux Developments, Carol Ryder White Iron Productions, Dan Evans Evans Hunt Group, Debbie Pratt First Calgary Savings, Diane Scott Calgary Real Estate Board, Doug Forsyth Pattison Outdoor Advertising, Garry Boan Devitt & Forand Contractors Inc.

L-R Guy Malabone SAIT Polytechnic, Hannes Kovac Opus Corporation, Heather Lawton Quintaro Imaging, Irene Lewis SAIT Polytechnic, Jeff Bradshaw Zoom Communications Inc., Jeff Lowe TELUS, Lorne Larrivee Lawson Projects

L-R Matt Gilespie Joe Media Group, Mauro Meneghetti Western Management Consultants, Michael Brown Matthews Southwest, Patricia Evans Sizeland Evans, Pierre Alvarez Nexen Inc., Raymond Crossley Pricewaterhouse Coopers, Ron Quigley Gunnar Office Furniture

L-R Ross Glen RGO Office Products Ltd., Scott Fleming Teletrips, Scott Hutchenson Aspen Properties Ltd., Sharon Carry Bow Valley College, Steve Pettit Shaw Contract Group, Valerie Hoey Bow Valley College, Wilson Wong Squeeze Creative Inc. UNEMPLOYMENT RATE Non-Residential Building Permits ($), Calgary Economic Region The average annual unemployment rate in the Calgary Economic Region was Non-residential permits in the Calgary Economic Region accounted for approximately $2.5 billion 6.6 per cent in 2009, up from 3.4 in 2008. worthf o building permits in 2009, a decrease of 14.0 per cent from 2008. Non-residential permits represented 54.4 per cent of the total building permit value in 2009. Employment Indicators Non-Residential Building Permits ($), Calgary Economic Region Employment Change & Unemployment Rate 2005 1,669,229,000 Year Employment Change (Persons) Unemployment Rate (%) 2006 2,566,159,000 Calgary Economic Region Calgary Economic Region 2007 3,512,769,000 2005 8,800 3.9 2008 2,849,069,000 2006 53,400 3.2 2009 2,450,749,000 2007 31,200 3.2 Source: Statistics Canada P17G 2008 21,700 3.4 2009 -8,000 6.6 Residential Building Permits ($), Calgary Economic Region Source: Statistics Canada

Residential permits in the Calgary Economic Region represented close to $2.1 billion worth of building permits in 2009, a decrease of 10.5 per cent from 2008, representing approximately 45.6 per cent of

2009 Real Estate Activity: Building Permits and Housing Starts total building permit value.

Development

Total Building Permits ($), Calgary Economic Region Residential Building Permits ($), Calgary Economic Region 2005 2,602,602,000 Economic The Calgary Economic Region saw building intentions decline during 2009 with building permits valuedt a over $4.5 billion, a decrease of 12.4 per cent over 2008. This was driven primarily due to 2006 3,425,342,000

REPORT a slowdown in the commercial, industrial and multi-family residential segments. Job losses, higher 2007 3,603,505,000 Calgary vacancy rates for downtown offices, and less demand due to the global financial situation has slowed 2008 2,290,591,000 the amount of new residential and non-residential needed in 2009 compared to previous years. 2009 2,050,520,000 Total Building Permits ($), Calgary Economic Region Source: Statistics Canada 2005 4,271,831,000

ANNUAL 2006 5,991,501,000 2007 7,116,274,000 Housing Starts, Total Calgary Census Metropolitan Area 2008 5,139,660,000 6,318 new housing units were started in the Calgary Census Metropolitan Area during 2009, a 2009 4,501,269,000 decrease of 44.8 per cent over the previous year. Source: Statistics Canada Housing Starts, Total Calgary CMA (Units) 2005 13,667 2006 17,046 2007 13,505 2008 11,438 2009 6,318

Source: Statistics Canada Economic Indicators Real Estate Activity – Industrial & Office Markets

Calgary Industrial Inventory Calgary Office Inventory The increase in the amount of industrial space in Calgary continues the upward trend of the past In 2009, the downtown office space inventory grew by 2.6 million square feet with the addition of decade. More than 2.4 million square feet of new industrial supply was built during the year. By the three new office towers: Centennial East, Centennial West and Jamieson Place. The suburban market end of 2009, there was close to 114.9 million square feet of industrial space in Calgary. continued to be a highly active market, increasing its inventory by 2.3 million square feet. Calgary Industrial Vacancy Calgary Office Vacancy Industrial vacancy increased to 5.2 per cent in 2009, up from 3.1 per cent in 2008, as industrial Slower office demand and the addition of three new downtown office towers contributed to the space available exceeded demand due to slowing economic conditions globally and a strong year of downtown vacancy rate increase to 15.5 per cent in 2009 from 5.2 per cent in 2008. The suburban space completion. office market showed a substantial increase in overall vacancy moving up to 15.7 per cent from 8.1 per cent as much new space was added to inventory. Calgary Industrial Absorption Calgary Office Absorption Annual absorption for industrial space was about half last year. By the end of 2009, absorption was 568,000 square feet, compared to 1.1 million square feet in 2008. Despite the slowdown, absorption Calgary’s downtown market net absorption for the year 2009 continued to be negative at -1.2 million still remained positive for 2009. square feet, primarily due to the addition of newly completed inventory, as well as continued diminished corporate demand for office space resulting from the economic downturn. Suburban office absorption Calgary Total Industrial Market numbers continue to be strong at 240,762 square feet due to numerous project completions with lease agreements in place. 2005 2006 2007 2008 2009 Year End Year End Year End Year End Year End Calgary Total Downtown Office Market Total Inventory (sq.ft.) 102,265,359 105,536,978 110,052,173 112,472,504 114,883,823 2005 2006 2007 2008 2009 Vacancy Rate 2.3% 0.8% 0.6% 3.1% 5.2% Year End Year End Year End Year End Year End Absorption (Y-T-D) (sq.ft.) 3,413,139 6,471,669 3,104,933 1,114,912 567,523 Total Inventory (sq.ft.) 31,204,062 31,204,062 32,711,265 33,113,608 35,702,958

Source: CB Richard Ellis Vacancy Rate 2.1% 0.5% 3.4% 5.2% 15.5% Absorption (Y-T-D) (sq.ft.) 2,030,504 478,793 557,583 -188,934 -1,236,784

Source: CB Richard Ellis “ While a lot of work remained to be done following our initial introduction to PEMEX (Mexico’s Calgary Total Suburban Office Market 2005 2006 2007 2008 2009 national oil company) via that meeting at Calgary Year End Year End Year End Year End Year End Economic Development, it is fair to say that none Total Inventory (sq.ft.) 13,943,900 14,365,374 15,598,016 17,781,671 20,072,800 of this would have happened if that meeting had Vacancy Rate 7.6% 1.9% 3.8% 8.1% 15.7% Absorption (Y-T-D) (sq.ft.) 754,561 1,198,834 825,766 1,271,850 240,762 not taken place. Thank you for being an integral Source: CB Richard Ellis partf o our international expansion.”

Ray Joyce, Chief Financial Officer, Hydrotestors International Inc. Economic Indicators Energy Indicators “ Thank you for your support to our business in OIL PRICES Calgary. As a newcomer to the Calgary business The world price of oil, benchmarked at the US price per barrel of West Texas Intermediate, continued its persistent climb throughout 2009, with an annual average for 2009 of US $61.78/bbl, down from community, we had to recruit a local workforce US $99.64/bbl in 2008, or by 38.0 per cent. Prices hit the lowest point of the year in February 2009 atS U $39.26/bbl, but continued with an upward trend ending the year with the price of US $76.45/ within a very short time. We appreciate the info bbl. The previous lowest monthly oil price was seen in June 2004. Market assessments of a recovery and market intelligence you provided, which globally, but particularly in China, and a flight away from the US dollar and into oil fueled the strong price growth of oil from its low in February to its close in December. helpedso u t explore more means for hiring. West Texas Intermediate Prices Also, we thank you for referring and sorting the Year Annual Average US $/BBL potential candidates for us.” P19G 2005 56.49 2006 66.07 Charles Knipp, Techforce Telecom, Inc. 2007 72.28 2008 99.64 2009 61.78 2009

Development

Source: Federal Reserve Bank of St. Louis

NATURAL GAS PRICES Economic

Alberta natural gas prices averaged CDN $3.78/GJ in 2009, from the average of CDN $7.73/GJ in 2008, a decrease of 51.0 per cent. Gas prices were very volatile in 2009, dropping to $2.59 in the REPORT Calgary summer and ending the year at close to double the low at CDN $5.22/GJ. High inventories, a warmer than expected winter, limited demand and an explosion in North American supply from unconventional finds has brought natural gas to a new reality, one in which prices will remain far more tempered than in years prior.

Alberta Natural Gas Prices ANNUAL Year Annual Average CDN $/GJ 2004 6.20 2005 8.28 2006 6.18 2007 6.12 2008 7.73 2009 3.78

Source: GLJ Energy Publications

“ e W are a Calgary company and intend to remain so; our intention is to compete from here. The work CED has o done t make resources available so we can accomplish this mission is very valuable to us. I have applied key lessons within days after each interaction I’ve had with the experts I’ve been able to meet throughED.” C

Greg Helfrich, National Operations Manager, Elrus Aggregate Systems

Corporate and Government Partners We are very appreciative of the tremendous support from our Corporate and Government partners who provide financial and leadership support to action our initiatives: Government Partners: Action Calgary Corporate Partners: MUNICIPAL: PLATINUM PARTNERS: SILVER PARTNERS: • Joe Media Group • The City of Calgary • DIRTT • Lawson Projects • Tourism Calgary • EDCO Financial Holdings Ltd. • Matthews Southwest • Calgary TELUS Convention Centre • Nexen Inc. • Pricewaterhouse Coopers • Calgary Chamber of Commerce • Opus Corporation • Quintaro Imaging • Calgary Technologies Inc. • Pattison Outdoor Advertising • RBC • Sun Microsystems • RGO Office Products Ltd. THE GOVERNMENT OF ALBERTA: GOLD PARTNERS: • Shaw Contract Group • Ministry of Employment & BRONZE PARTNERS: • Sizeland Evans Immigration • Alberta College of Art & Design • Squeeze Creative Inc. • Ministry of Finance & Enterprise • HARMONY by Bordeaux • University of Calgary • Ministry of Culture & Community Developments • Weber Shandwick Spirit • Calgary Real Estate Board • Western Management Consultants • Alberta Film • Cenovus Energy Inc. • White Iron Productions • Ministry of International & • Devitt & Forand Contractors Inc. • Zoom Communications Inc. Intergovernmental Affairs • Element IWS • Encana Corporation THE GOVERNMENT OF CANADA: • Evans Hunt Group • Western Economic Diversification • First Calgary Savings • Department of Foreign Affairs and • Haworth International Trade • Heritage Business Interiors • Transport Canada

Board of Directors: INVESTMENT AND TRADE DEVELOPMENT John Hankins – Vice President, Investment and Trade Development Wilf Gobert – Chairman of the Board Deana Haley – Business Development Manager Alderman Brian Pincott – Ward 11, The City of Calgary Monica Rovers – Business Development Manager, International Bill Chomik – Principal, Kasian Architecture Rachel Yin – Business Development Manager, Financial Services Brett Ironside – Partner, Echo Merchant Fund Richard Pootmans – Business Development Manager, Real Estate David Watson – General Manager, Planning, Development & Assessment, Gary Slipp – Global Business Centre Manager The City of Calgary Kristie Schneider – Business Development Manager, SURE Don Campbell – Vice President, Finance, Canadian Pacific Railway Krista Lauridsen – Team Assistant/Receptionist, Global Business Centre Doug Armitage – Vice President, Business Development, Calgary Exhibition & Stampede CORPORATE AND COMMUNITY ENGAGEMENT Duncan Au – President, JAFETICA Capital Inc. Karen Chown – Director, Corporate and Community Engagement P21G Gabriel Franco – Asset Manager, Western Canada, Standard Life Robyn Bews – Project Manager, WORKshift Gerry Protti – Chairman, Flint-Transfield Services Karen Hanes – Business Development Manager, Manufacturing & Jim Barker – Partner, Deloitte & Touche LLP Productivity and Transportation & Logistics Lew Turnquist – Managing Director, Kirchner Private Capital Group Sarah Cott – Business Development Representative, Manufacturing & Monica Kohlhammer – President, MK Strategy Group Inc. Productivity and Transportation & Logistics 2009

Development Murray Sigler – Executive VP & President, Axia Canada Adelina Banks – Coordinator, Corporate and Community Engagement Pat Sandall Kristy Frandle – Team Assistant, Corporate and Community Engagement Economic

Patricia McLeod – Associate General Counsel, AltaLink MARKETING AND COMMUNICATIONS Dr. Philip Chang – Haskayne School of Business, University of Calgary

REPORT Luiza Campos – Director, Marketing and Communications Calgary

Core Staff: Megan Zimmerman – Manager, Marketing and Communications EXECUTIVE OFFICE Annie Korver – Specialist, Marketing and Communications Bruce Graham – President and CEO Maryn Edwards – Coordinator, Marketing and Communications

ANNUAL Karen Garrick – Executive Assistant to the President and CEO FINANCE AND ADMINISTRATION RESEARCH, WORKFORCE & STRATEGY Rick Tovell – Director, Finance and Administration Adam Legge – Vice President and Chief Economist Dusko Galic – Information Technology Services Manager Elsbeth Mehrer – Manager, Workforce Development Lindsay Hammond – Financial Services Manager Katie Emond – Research Manager Fern Lockwood – Senior Assistant Luke Azevedo – Commissioner, Film, Television & Creative Industries Teresa Kaban – Team Assistant Lissa Craig – Logistics Coordinator, Film, Television & Creative Industries June Reid – Receptionist Carol Thiessen – Information Coordinator Elisha Chin – Team Assistant “ Change is the law of life. And those who look only to the past or present are certain to miss the future.” . John F Kennedy

731 – 1st Street S.E. Calgary, Alberta REFLECT Canada T2G 2G9

Phone: 403-221-7831 or toll-free: 1-888-222-5855

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